News – Page 1128

November 24
2007

ZAR/JPY Going South

Another carry trade crisis victim — South African rand saw its bad times during the past week. ZAR closed on its lowest rate against Japanese yen (which can be easily called the “favorite” of the week) since the mid September — 15.8549 yens per rand. Given the 10.5% yield on the overnight interest kept in South African currency and Japanese yen’s 0.5%, ZAR/JPY make a perfect pair to earn nearly […]

November 24
2007

Rupee Low After Intervention

Indian currency ended at its lowest rate against U.S. dollar on Friday, being on its weakest since October 23. USD/INR closed on 39.71 level yesterday, after international investors and global corporations were moving out their funds out of Indian currency. Concerned with global volatility and elevated risks in emerging economies, traders sold rupee for dollar […]

November 23
2007

Oman Has No Plans to End Peg to Dollar

Hamud Bin Sangur al-Zadjali, the Central Bank of Oman Governor, spoke during European Banking Congress in Frankfurt today, speaking that Oman has no plans to end its peg to U.S. dollar. While some GCC countries already ended peg to dollar (Kuwait in May, 2007) and some countries planning to do so by the end of […]

November 23
2007

Canada’s Finance Minister Satisfied with Lower CAD

Jim Flaherty, Canadian Minister of Finance, said today that he is glad to see Canadian dollar losing against U.S. dollar on Forex, after there were almost three month of unstoppable appreciation of the Canada’s currency. As the rallying Canadian dollar’s appreciation hurts exporters, Canada’s economy could be at the risk, giving government another concern to worry about. Minister spoke at the Oshawa Chamber of Commerce at the meeting entitled “Moving Canada […]

November 23
2007

EUR/USD Spikes To New Maximum

Dollar slid to its new historical bottom rate against euro hitting 1.4967 on EUR/USD. Missing the marvelous 1.5000 pint by about 30 pips, EUR/USD retraced by 150 points back as the Forex traders consolidated their profits on the rally. Another week without any supporting for dollar may probably break this resistance. As it seems the […]

November 22
2007

Canadian Dollar Dips On Bada Statistics

Yesterday Canadian dollar reached its monthly minimum levels after the macroeconomic statistics were released by Canada’s National Statistics Agency. September 2007 retails sales fell by 0.2 percents compared to previous month. USD/CAD traded at 0.9923 on Forex as the data was released. Given such a pessimistic background for the next Bank of Canada meeting, which will be held on 4 December, overnight interest rates might be cut by 25 […]

November 21
2007

U.K. Monetary Policy Committee Minutes Released

Minutes of the last (7 and 8 November) Bank of England Monetary Policy Committee were released today, showing the vision for the U.K. economy by the committee members. As the interest rates decision was known by the traders already — BoE left rates unchanged at 5.75%, the major interest was drawn to the exact voting details. Seven committee members voted for the rates to remain as they were, while two other members — David Blanchflower (who voted for the rates […]

November 21
2007

Fedâs Projections â Uncertain

Federal Reserve’s FOMC published its first meeting minutes to include the 3-year projections of the committee members regarding the GDP growth, consumer prices inflation and unemployment rate. While the average projection expectations didn’t differ greatly (except for the year 2008) from this year’s results, the uncertainty of the inflation projections spoke for itself — Fed is unsure of the impact the interest rates manipulations will have on the consumer prices growth. The wide range for the next […]

November 21
2007

Chinese Yuan Shows Some Growth

Chinese yuan gained against dollar during today’s trading session in Shanghai, reaching 7.425 yuan/dollar rate. This appreciation of yuan was caused mainly by the falling U.S. dollar against euro, pound and other currencies. While free market laws try to pull up yuan against dollar and other world currencies, government of China does a lot of […]

November 20
2007

Yen Falls on Risk Hungry Markets

Japanese yen restarted its falling against other world currencies today (even against the dropping dollar) as the risk hungry investors begin to reenter carry trades. While the Nikkei 225 index gained a little more than 1 percent — first rising day after four consecutive losing days, Yen lost more than 1 percent of its value to the high-yielding currencies. Among highest gainers against JPY today […]